U.S. equities are mixed: the S&P 500 -0.17% at 7,786, the Nasdaq -0.28% at 26,729, the Dow -0.20% at 53,732. The VIX sits at 14.2 (-2.6% today), inside its normal range.

The 10-year Treasury yield is climbing at 4.70% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.7 (-0.3%). Elsewhere: gold up 1.7% at $4,437/oz; WTI crude up 1.4% at $82.40/bbl; Bitcoin at $63,048 (+0.0%).

Among big names, AMD leads gainers at +6.50%, while AVGO lags at -5.94%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.